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Stocks edge higher...JP Morgan dumps short-term US debt...Wells Fargo revenue slips, profit up
Friday - 10/11/2013, 11:40am EDT
NEW YORK (AP) -- The stock market has started moving higher this morning as talks continue in Washington over ending a budget impasse that has shut down the government and threatens the U.S. with default. The Dow was up about 30 points an hour into today's session, while the broader indexes also were edging higher.
WASHINGTON (AP) --President Barack Obama and congressional Republicans are exploring whether they can break their budget impasse. The two sides planned to continue discussions today after Obama and top administration officials met for 90 minutes with House Speaker John Boehner and other House GOP leaders at the White House late yesterday. House Majority Leader Eric Cantor left that meeting calling it "clarifying for both sides." The president meets with Republican senators later this morning.
NEW YORK (AP) -- JPMorgan Chase is joining other financial institutions in dumping all its short-term U.S. debt from its money market funds. The news comes a day after Fidelity Investments said it no longer holds any U.S. government debt that comes due around the time the nation could hit its borrowing limit. JPMorgan Chase says it believes the probability of a U.S. government default is low, but it's taking precautionary measures to protect investors.
NEW YORK (AP) -- The nation's biggest bank by assets is reporting a quarterly loss. JPMorgan Chase had to absorb a $9.2 billion reserve set up for legal expenses. That pushed it to a loss of $380 million compared with a profit of $5.7 billion a year earlier. JPMorgan has emerged from the global financial crisis as one of the strongest U.S. banks, but it has been dogged by lawsuits. Last month, JPMorgan agreed to pay $920 million and admitted that it failed to oversee trading that led to a huge $6 billion loss last year in an episode known as the London Whale.
UNDATED (AP) -- The biggest mortgage lender in the U.S. has seen a sizable jump in its third-quarter profit. Wells Fargo's profit rose 13 percent from July through September, when a decline in revenue from mortgage lending was offset by reduced expenses and fewer soured loans. While revenue came in below expectations, earnings beat forecasts.
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